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Crude Holding Above Key Levels, Many H2 Uncertainties

OIL

Oil is trading in narrow ranges during the APEC session and is holding onto its gains from Friday. WTI is sustaining levels above $70 and is currently around $70.69/bbl. Brent has reached its 50-day simple moving average and has held above $75 today. It is currently about $75.50, close to the intraday high of $75.53. The USD index is down 0.1%.

  • Oil has found some support in recent sessions as the market looks to H2 2023, which is forecast to move into deficit as OPEC cuts output and the US refills the SPR. Saudi’s 1mbd cut starts this month and is expected to continue into August. Demand worries are never far away though and uncertainty regarding Russian supply.
  • Asian refiners expect Saudi Arabia to reduce prices for August deliveries.
  • Later US manufacturing PMI/ISM for June print and are expected to be steady. There are also US May construction, June vehicle sales and European/UK June manufacturing PMIs.
Energy BulletsCommodities
Energy BulletsCommodities

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